ON WALL STREET

Dow ends about 170 points higher after Mnuchin's tax hint

Nasdaq notches record close

(CNBC) U.S. stocks rose on Thursday as more companies released quarterly results while Treasury Secretary Steven Mnuchin said the administration was close to “major tax reform.”

Mnuchin, who this week backed off of his earlier goal of passing tax reform by August, said the White House will unveil a plan “very soon.” However, the Trump administration previously set deadlines for releasing its tax plan that it did not meet.

“If there is some sort of breakthrough, it will be positive” for stocks, said Edward Campbell, managing director for QMA, a multi-asset manager wholly owned by Prudential Financial. He added, however, investors may need to moderate their expectations regarding tax reform.